EFCC Alleges Emefiele Disobeyed Buhari, Outsourced Naira Redesign Abroad

Wale WhalesNews9 months ago

The Economic and Financial Crimes Commission (EFCC) has leveled allegations against former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, accusing him of contravening directives from then-President Muhammadu Buhari by outsourcing the naira redesign project to a foreign firm without proper authorization.

During a court session, an EFCC witness testified that Emefiele sidestepped both presidential and CBN Board approvals in the execution of the currency redesign initiative. The witness claimed that Emefiele engaged De La Rue, a UK-based company, for consultancy services related to the color redesign of the naira notes, remunerating them with £205,000.

This revelation has added complexity to the ongoing legal proceedings against Emefiele, who is already facing charges related to the naira redesign policy. The EFCC asserts that his actions led to significant financial implications and deviated from established protocols.

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In response, Emefiele’s defense team has challenged these allegations, presenting documents that purportedly show President Buhari’s approval of the naira redesign, thereby contradicting the prosecution’s claims.

They argue that all necessary procedures were followed and that the engagement of foreign consultants was within the legal framework governing the CBN’s operations.

The court has granted the EFCC’s request for virtual testimonies from witnesses abroad, aiming to expedite the trial and ensure comprehensive examination of the facts.

As the case unfolds, it continues to attract public attention, given its potential implications for Nigeria’s financial governance and the integrity of its institutions.